Wednesday, October 5, 2011

Quote of the day

Ken Rogoff:
After all, there certainly is a case to be made that [a Financial Transaction Tax] has so much gut-level popular appeal that politically powerful financial interests could not block it. One can almost buy this idea, except that the tax is so counterproductive in the long run that it is hardly obvious that it would be better than nothing.

FLG is simply astonished by the level of support among people who should know better.


Anonymous said...

Right here! Over in the corner! I like it! Or, at least, it seems like a small, half percent or so charge would inhibit crap churn transactions, but let anyone with a long term perspective (a week, say) stay in the marked. dave.s.

The Ancient said...

Such taxes surely reduce liquidity in financial markets.

He lost me at "surely."

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